BofA Reports Doubling of Workers Seeking Financial Help from Employers

What's Happening?

According to Bank of America’s 2025 Workplace Benefits Report, the number of workers seeking financial assistance from employers has doubled over the past two years. Driven by higher living costs and inflation, more than 1 in 4 workers now request help with emergency savings, debt reduction, and general financial wellness, compared to 13% in 2023. The report, based on surveys of nearly 1,000 employees and 800 employers, highlights that 54% of larger employers offer financial wellness programs, while only 32% of smaller businesses do.

Why It's Important?

The increasing demand for employer-provided financial assistance reflects broader economic pressures impacting workers across the U.S. As living costs rise, employees are turning to their workplaces for support in managing financial challenges. This trend underscores the growing importance of financial wellness programs in enhancing employee satisfaction and retention, particularly as employers seek to address the holistic needs of their workforce.

What's Next?

As more workers seek financial assistance, employers may expand their wellness programs to include comprehensive financial planning and support services. The trend could lead to increased collaboration between financial institutions and businesses to develop tailored solutions that address employee needs. Additionally, the focus on financial wellness may drive innovation in benefits offerings, enhancing the overall employee experience.

Beyond the Headlines

The shift towards employer-supported financial wellness raises questions about the role of businesses in addressing economic disparities. As companies expand their offerings, they must consider the ethical implications of financial assistance programs, ensuring equitable access and support for all employees. The trend may also influence cultural perceptions of workplace benefits, emphasizing the importance of financial security in employee well-being.